State Unemployment Rates Fall Slightly
On October 21, the Bureau of Labor and Statistics reported that 25 states recorded unemployment rate decreases, 14 states posted rate increases, and 11 states and the District of Columbia had no rate change during September. Additionally, 38 states registered unemployment rate decreases from a year earlier, while 10 states and the District of Columbia had increases, and 2 states experienced no change. The largest month-over-month decrease in employment occurred in North Carolina (-22,200), followed by Ohio (-21,600) and Pennsylvania (-15,800), while the largest month-over-month increase in employment occurred in Florida (+23,300), followed by Texas (+15,400) and Louisiana (+14,100). New Hampshire experienced the largest percentage decline in employment (-0.9 percent), followed by New Mexico (-0.7 percent) and North Carolina (-0.6 percent). The District of Columbia experienced the largest percentage increase in employment (+1.6 percent), followed by Hawaii (+1.1 percent) and Louisiana and Mississippi (+0.7 percent each). The largest over-the-year percentage increase occurred in North Dakota (+5.3 percent), followed by Utah and Wyoming (+3.0 percent each). The largest over-the-year percentage decrease in employment occurred in Delaware (-1.5 percent), followed by Georgia (-0.6 percent). Regionally, the West recorded the highest regional unemployment rate in September, 10.4 percent, while the Northeast reported the lowest rate, 8.2 percent.

Link: News Release

Industrial Production Grows in September
On October 17, the Federal Reserve reported that industrial production increased 0.2 percent in September after having been unchanged in August. For the third quarter (July–September) as a whole, industrial production rose at an annual rate of 5.1 percent. Specifically, manufacturing output moved up 0.4 percent in September after having gained 0.3 percent in August. Production at mines advanced 0.8 percent in September, while the output of utilities decreased 1.8 percent. Total industrial production for September was 3.2 percent above its year-earlier level. Additionally, capacity utilization edged up to 77.4 percent, a rate 1.7 percentage points above its level from a year earlier but 3.0 percentage points below its long-run (1972-2010) average.

Link: News Release

Existing Home Sales Well Above 2010 Levels
On October 20, the National Association of Realtors reported that existing-home sales declined 3.0 percent to a seasonally adjusted annual rate of 4.91 million in September from an upwardly revised 5.06 million in August, but are 11.3 percent above the 4.41 million unit pace in September 2010. Additionally, the national median existing-home price for all housing types was $165,400 in September, down 3.5 percent from September 2010. Distressed homes, foreclosures and short sales, accounted for 30 percent of sales in September down from 31 percent in August and 35 percent in September 2010. Total housing inventory at the end of September declined 2.0 percent to 3.48 million existing homes available for sale, which represents an 8.5-month supply at the current sales pace.

Link: Press Release